- WI level at the time of auction was 3.303%
- High yield 3.330%
- WI level 3.303%
- Tail 2.7 basis point
- bid to cover 2.37X vs. six-month average of 2.45X
- Dealers 19.8%vs. the six-month average of 15.3%
- Directs 17.9% vs. the six-month average of 17.7%
- Indirects 62.3 percent vs. the six-month average of 67.0%
Auction Grade: D
- Tail is well above the 6 month averageof 1.2 bps
- Directs – a measure of domestic demand – was a touch stronger than expectations
- Indirect – much weaker than expectations. This is a measure of foreign demand
- Dealers were saddled with more than average.
The only thing that kept it from an F is the domestic demand but that was still at a larger than expected tail. So it is a small victory in what was an auction where demand was tepid.